Condominium Warranty Bonds for New Construction
Posted by John Crisafulli on
There is a program in DC that helps protect buyers of newly constructed condominiums. It is in effect for two years after the settlement date of the first condo in the building. 10% of the total cost of construction is put aside as a condominium warranty bond. It is held by the Department of Consumer and Regulatory Affairs (DCRA) and the condo association can request money from it for structural issues that arise. This link will help explain exactly how the process works. Here are some tips to keep in mind when buying a brand new condo to make sure the program is effective for you.
The developer of the condominiums is allowed to manage the building during the two year warranty bond period. This is a conflict of interest, and while legal, it should be…
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Do you own a home in DC with a basement you’d like to rent out? Are you looking for a property with the ability to rent out the basement to make the mortgage more affordable to you? While it’s definitely an option, many homeowners in the District do not follow the rules when it comes to renting out their basement. That can cause quite a headache for the landlord if they are caught, as legally DC is very tenant-friendly. However, we’ve got the answers you need. This link will give you the rundown of what you need to do to get a Two Family Rental License. The most important thing you must have to rent out your basement is a certificate of occupancy. Here’s what you need to do:
Are you a teacher in Washington, DC? We understand that buying property can seem daunting for a number of reasons, including cost, but there are a few loan programs that can help. One is the Employer-Assisted Housing Program, or EAHP. This helps full-time DC Government employees become first-time homeowners within the District. You must have a good credit rating and enough income to afford a mortgage loan. If you are deemed eligible, you will receive matching closing cost funds up to $1,500 ($500 for each $2,500 saved by an employee) and a deferred second trust loan up to $10,000. Applicants are allowed to select a first trust lender of their choice. The maximum loan amount for the EAHP is $625,500. A second program that we recommend is the Home Purchase…
I was walking to a listing this afternoon on Capitol Hill when I crossed paths with an unusual creature! I had to look twice, and was surprised to confirm that an albino squirrel was hopping along in the garden next to me.The squirrel perched in a tree long enough for me to snap a photo. I have to say that albino squirrels don't add much to real estate values, but they sure are cool! If you're looking to make a purchase on Capitol Hill, here is one more reason the neighborhood is really unique!
 Sidwell Friends School is a privately-run Quaker school in the Cleveland Park neighborhood of Northwest DC. Founded in 1883 by Thomas Sidwell, it is one of the most highly-regarded schools in Washington, DC. The school has an enrollment of 1,097, which includes both of President Obama’s daughters, Malia and Sasha. The Middle and Upper Schools are located on Wisconsin Avenue NW, while Lower School is situated in Bethesda, Maryland. In addition to the Cleveland Park neighborhood, both the Cathedral Heights and Tenleytown neighborhoods are close to the Middle and Upper Schools. Cleveland Park is notable for its large number of Victorian-style single family homes, but there are also condominiums available along the commercial Connecticut Avenue NW corridor.…
The Maret School is an independent K-12 day school located in the Woodley Park neighborhood of Washington, DC. The school was founded in 1911 by three French sisters and admission is limited to just 635 students for all 13 grade levels. There are three other neighborhoods in close proximity to the school: Cleveland Park, Cathedral Heights, and Glover Park. These are all highly sought-after Northwest DC neighborhoods, and as such prices can be high but the return is great. All of these areas are close to the National Cathedral, Rock Creek Park, Glover-Archbold Park, the National Zoo, and the ever-bustling commercial neighborhood of Georgetown. There are plenty of single-family row homes and detached houses to choose from in these largely residential areas.…
 Embassy Row is a stately area that runs along Massachusetts Avenue NW between Scott Circle and the U.S. Naval Observatory. It is home to most of the international embassies and diplomatic missions in Washington, DC. The area around this strip includes the neighborhoods of Dupont Circle, Kalorama, Woodley Park, Glover Park, Georgetown, and the West End. While real estate in these neighborhoods is usually some of the most pricy in the District, there are multiple options in terms of size and location, from detached row houses to studio condominiums, and everything in between. Dupont Circle and Georgetown are commercial and retail hotspots that offer a wide variety of shopping, dining, and drinking options. The West End can best be described as slightly…